Primary tax. -- (1) In the case of taxable periods beginning
after the thirtieth day of June, one thousand nine hundred
sixty-seven, and ending prior to the first day of January, one
thousand nine hundred eighty-three, a tax is hereby imposed for
each taxable year at the rate of six percent per annum on the West
Virginia taxable income of every domestic or foreign corporation
engaging in business in this state or deriving income from
property, activity or other sources in this state, except
corporations exempt under section five.

(2) In the case of taxable periods beginning on or after the
first day of January, one thousand nine hundred eighty-three, and
ending prior to the first day of July, one thousand nine hundred
eighty-seven, a tax is hereby imposed for each taxable year on the
West Virginia taxable income of every domestic or foreign
corporation engaging in business in this state or deriving income
from property, activity or other sources in this state, except
corporations exempt under section five of this article, and any
banks, banking associations or corporations, trust companies,
building and loan associations and savings and loan associations,
at the rates which follow:

(A) On taxable income not in excess of fifty thousand dollars,
the rate of six percent; and

(B) On taxable income in excess of fifty thousand dollars, the rate of seven percent.

(3) In the case of taxable periods beginning on or after the
first day of July, one thousand nine hundred eighty-seven, a tax is
hereby imposed for each taxable year on the West Virginia taxable
income of every domestic or foreign corporation engaging in
business in this state or deriving income from property, activity
or other sources in this state, except corporations exempt under
section five of this article, at the rate of nine and
three-quarters percent. Beginning the first day of July, one
thousand nine hundred eighty-eight, and on each first day of July
thereafter for four successive calendar years, the rate shall be
reduced by fifteen one hundredths of one percent per year, with
such rate to be nine percent on and after the first day of July,
one thousand nine hundred ninety-two.

(4) In the case of taxable periods beginning on or after the
first day of January, two thousand seven, a tax is hereby imposed
for each taxable year on the West Virginia taxable income of every
domestic or foreign corporation engaging in business in this state
or deriving income from property, activity or other sources in this
state, except corporations exempt under section five of this
article, at the rate of eight and three-quarters percent.

(5) In the case of taxable periods beginning on or after the
first day of January, two thousand nine, a tax is hereby imposed
for each taxable year on the West Virginia taxable income of every
domestic or foreign corporation engaging in business in this state or deriving income from property, activity or other sources in this
state, except corporations exempt under section five of this
article, at the rate of eight and one-half percent.

(6) In the case of taxable periods beginning on or after the
first day of January, two thousand twelve, a tax is hereby imposed
for each taxable year on the West Virginia taxable income of every
domestic or foreign corporation engaging in business in this state
or deriving income from property, activity or other sources in this
state, except corporations exempt under section five of this
article, at the rate of seven and three-quarters percent:
Provided, That the reduction in tax authorized by this subsection
shall be suspended if the combined balance of funds as of the
thirtieth day of June, two thousand eleven, in the Revenue Fund
Shortfall Reserve Fund and the Revenue Fund Shortfall Reserve Fund
- Part B established in section twenty, article two, chapter
eleven-b of this code does not equal or exceed ten percent of the
general revenue fund budgeted for the fiscal year commencing the
first day of July, two thousand eleven: Provided, however, That
the rate reduction schedule will resume in the calendar year
immediately following any subsequent fiscal year when the combined
balance of funds as of the thirtieth day of June of that fiscal
year in the Revenue Fund Shortfall Reserve Fund and the Revenue
Fund Shortfall Reserve Fund - Part B next equals or exceeds ten
percent of the general revenue fund budgeted for the immediately
succeeding fiscal year.

(7) In the case of taxable periods beginning on or after the
first day of January, two thousand thirteen, a tax is hereby
imposed for each taxable year on the West Virginia taxable income
of every domestic or foreign corporation engaging in business in
this state or deriving income from property, activity or other
sources in this state, except corporations exempt under section
five of this article, at the rate of seven percent: Provided, That
the reduction in tax authorized by this subsection shall be
suspended for one calendar year subsequent to the occurrence of the
suspension of the reduction in tax authorized by subdivision (6) of
this section: Provided, however, That the reduction in tax on the
first day of any calendar year authorized by this subsection shall
be suspended if the combined balance of funds as of the thirtieth
day of June of the preceding year in the Revenue Fund Shortfall
Reserve Fund and the Revenue Fund Shortfall Reserve Fund - Part B
established in section twenty, article two, chapter eleven-b of
this code does not equal or exceed ten percent of the general
revenue fund budgeted for the fiscal year commencing the first day
of July of the preceding year.

(8) In the case of taxable periods beginning on or after the
first day of January, two thousand fourteen, a tax is hereby
imposed for each taxable year on the West Virginia taxable income
of every domestic or foreign corporation engaging in business in
this state or deriving income from property, activity or other
sources in this state, except corporations exempt under section five of this article, at the rate of six and one-half percent:
Provided, That the reduction in tax authorized by this subsection
shall be suspended for one calendar year subsequent to the
occurrence of the suspension of the reduction in tax authorized by
subdivision (7) of this section: Provided, however, That the
reduction in tax on the first day of any calendar year authorized
by this subsection shall be suspended if the combined balance of
funds as of the thirtieth day of June of the preceding year in the
Revenue Fund Shortfall Reserve Fund and the Revenue Fund Shortfall
Reserve Fund - Part B established in section twenty, article two,
chapter eleven-b of this code does not equal or exceed ten percent
of the general revenue fund budgeted for the fiscal year commencing
the first day of July of the preceding year.

Note: WV Code updated with legislation passed through the 2016 Regular Session
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